Prisync, a provider of competitor price tracking in the e-commerce market has acquired its Australia-based competitor Spotlite.

The agreement represents Prisync’s first acquisition.

“Welcoming the Spotlite brand and its customers into Prisync family will go a long way in helping us sustain and grow Prisync’s presence within Australia and also in the wider Asia Pacific region,” said Burc Tanir, chief executive officer at Prisync.

Prisync’s technology, enables e-commerce companies to automatically track their competitors’ product prices and stock availability. The company also offers dynamic pricing, enabling the e-commerce companies to automatically change the prices on their website in a bid to increase sales volume and become more competitive.

It is estimated that there are more than 10 million e-commerce companies in the world and the global market is projected to grow from $2.8 billion in 2018 to $4.8 billion in 2021 according to Statista’s recent research.